There is no longer any REO or foreclosure stigma associated with a property.

Little about me: I am still in High School but am working on graduating with my Associates.

So if there is a cost associated with returning the money, the tenant should have to pay for it. 

Usually your local rental owners association will put on landlord bootcamps which will give you a good broad understanding of the laws that you need to be aware of and your responsibilities as a LL 

Keep in mind regardless of the situation the tenants did violate the lease and I would hold them responsible for any costs associated with removing the unwanted guest.

The FNMA (Federal National Mortgage Association, aka Fannie Mae) only allows up to 10 mortgages.So, what are you going to do, stop growing your Empire?

While the returns for properties in rough neighborhoods may look great on paper, you need to account for the turnover costs, theft, and vandalism costs that are going to be associated with your property.

But there is risk associated with putting your existing properties up as collateral. 

Another important detail is that the loan can only be from the plan associated with the current employer (related to your comment about the loan becoming due if employment ends).

Why can’t the property manage just email out the pre-filled in forms or other associated docs upon request...